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Business

New drive supports women entrepreneurs

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ECONOMY MINISTER, Ken Skates is calling on the business community to support a new initiative aimed at increasing the number of women entrepreneurs in Wales and providing them with the best possible support.

The Welsh Government’s new Supporting Entrepreneurial Women programme was informed by the work of a panel of experts, convened in 2017 to consider how best to encourage, develop and support female entrepreneurship in Wales.

The panel, chaired by Helen Walbey, considered an array of academic evidence and literature on women in entrepreneurship, spoke to a range of businesswomen, representative groups and partner bodies, and aligned its work with the principles of the Massachusetts Institute of Technology’s Regional Entrepreneurship Acceleration Programme which is championed by Be the Spark in Wales.

The result is a new Framework for Supporting Entrepreneurial Women in Wales and a Good Practice Guide to inform how the Welsh Government and business community works to drive the number of women entrepreneurs in Wales.

The Welsh Government have also responded by publishing the Business Wales Action Plan which identifies 10 specific ways in which the Welsh Government and business community can improve. From providing more gender focussed business support and confidence building, increasing the number of female business advisors and mentors in Wales and promoting the career successes of prominent female entrepreneurs including through business awards, the action plan aims to create the right environment in which female entrepreneurs can prosper.

There is also renewed focus on engagement with women entrepreneurs to understand the barriers they face, improved availability of finance options with no restrictions that unfairly affect women, and a Good Practice Guide that encourages business support organisations to adopt ways of working that support female Entrepreneurship.

The Economy Minister launched the Framework, Good Practice Guide and the Action Plan at a celebratory event in Capital Law. This will be followed by regional events, jointly organised by the Welsh Government and Lloyds Bank, to ensure that business groups right across Wales are aware of the new resources and their role in supporting female entrepreneurship.

The Economy Minister said: “The underrepresentation of women both as business owners and at a senior executive level is well evidenced and there is no doubt the gender gap is hindering women from achieving their full economic and personal potential.

“Our Economic Action Plan focuses on creating the right environment to enable entrepreneurs to prosper and grow and obviously this must apply to women, just as much as men.

“The work undertaken by the panel of experts recognised the progress that we as the Welsh Government and business representative groups have made in recent years in supporting female entrepreneurship – but the message is clear. We must do more, and with Brexit presenting challenges of an unprecedented scale, now more than ever we need our best talent around the table.

“I call on the business community and financial institutions to work with us to adopt a more gender focussed approach to their work. I hope they will use our new Framework and Good Practice Guide to ensure they play their part in building an environment where women entrepreneurs are encouraged and properly supported to reach their full potential.“

Jane Hutt, Deputy Minister and Chief Whip said: “All women should be given equal opportunities and representation at the most senior level. Helping to understand and remove barriers that women face in entrepreneurial opportunities will support the potential growth of women in business. Through this support, we hope women will be more fairly represented and can flourish in the business sector.

“Although, there is still so much more we can do to achieve better gender equality, this initiative will help women to achieve their full potential and to move away from the underrepresentation of women at senior roles.”

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Business

MP makes Budget case for support for self-employed and small businesses in Ceredigion

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BEN LAKE MP has called on Chancellor Rishi Sunak to extend the government’s financial support package for businesses and self-employed workers in next week’s Budget as many struggle to stay afloat during continued lockdown restrictions. 

The Chancellor, Rishi Sunak is to set out the UK Government’s budget on Wednesday 3 March, almost a year since the last Budget on 11 March 2020. 

To help businesses and our local high streets over coming months, the Ceredigion MP has called on the Chancellor to extend the lowered rate of VAT at 5% for hospitality and tourism for a year to March 2022 and to extend the business rates relief package. 

Mr Lake also called on the Chancellor to retain the furlough scheme for the duration of pandemic restrictions, as recent figures show more than 178,000* in Wales are still receiving government help from the CJRS. He also urged the Chancellor to expand the existing eligibility criteria for the Self-Employed Income Support Scheme in order to offer some help to the many individuals who have not received a penny in Government support thus far. 

Ben Lake MP said: “For many businesses and self-employed workers, the financial support government has offered over the last 12 months has been a lifeline. Now, as we are finally starting to see light at the end of the lockdown tunnel, we cannot remove this lifeline prematurely. Extending this help for a little longer, and expanding the criteria to help those that have been excluded thus far, would offer small businesses the support they require to ‘bounce back’ from the pandemic.” 

Many businesses who are still not open due to lockdown measures are also now expected to start repaying their Bounce Back Loans. This is despite their situation largely remaining unchanged since they took out the loan, or in some unfortunate instances, worsened as they have not yet been able to trade.  

UKHospitality has estimated that the hospitality sector lost around £72 billion in sales in 2020 and faces, frankly, a debt mountain, including £4.2 billion in state-backed loans.  

Mr Lake said:  “It is important that businesses that took out bounce back loans and CBILS are required to pay only when they are in a position to do so – once they have ‘bounced back’ from the pandemic. Affording such a level of flexibility, and thus preventing avoidable business failures, would protect jobs, the taxpayer’s investment in the recovery, and the integrity of our financial system.

“We remain in the early stages of a vaccine-led recovery, and it is likely that we will have some form of restrictions for many months to come. Having done so much to protect the economy and the workforce, we must not withdraw support prematurely, as to do so would risk throwing away the investment taxpayers have made in the last year, and potentially our economic recovery.” 

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Business

£3.8m to upgrade local gas network

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WALES & WEST UTILITIES says it is continuing its work to upgrade the gas pipes supplying homes and businesses across west Wales and has announced a £3.8 million investment programme for 2021.

The work, which will see 19km of gas pipe upgraded, not only keeps the gas flowing safely today, it also prepares the gas network to transport green gases like hydrogen and biomethane. Converting the existing safe and reliable gas network to run on green gas will help communities across Wales and south west England play their part in a green future and getting the UK to Net Zero.

Rob Long, Wales & West Utilities Chief Operating Officer, said: “While most of the gas network is underground and out of sight, it plays a central role in the daily lives of people across west Wales. Whether it’s heating your home, making the family dinner or having a hot bath, we understand how important it is for your gas supply to be safe and reliable and there when you need it.

“Our investment in local communities is essential to keep the gas flowing to local homes and businesses today, and to make sure the gas network is ready to transport hydrogen and biomethane, so we can all play our part in a green future.

“And it will make sure that we continue to support communities through Coronavirus, keeping the gas flowing so local people are safe and warm.”

Wales & West Utilities look after the pipes that keep the gas flowing to heat the homes and power businesses of 7.5m people across Wales and south west England. They operate the gas emergency service, connect new homes and businesses, and upgrade the gas network so it’s safe today and fit for a green future.

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Business

Wales is moving in the right direction to ease coronavirus restrictions

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THE NUMBER of coronavirus patients being treated in Welsh hospitals is at the lowest for three months, Wales’ Health Minister Vaughan Gething has revealed at a briefing today (Feb 8).

The R number is below one, it was confirmed – the most recent estimate from SAGE is that R is between 0.7 and 0.9 in Wales.

He also confirmed that the latest figures show the testing positivity rate has fallen in Wales below 10%, which means Wales could soon be moving is from alert level 4 to alert level 3.

Mr Gething said: “There are some encouraging signs that the number of people needing hospital treatment for coronavirus is starting to fall.

“The number of people with confirmed Covid in our hospitals is at the lowest since 8 November and we have also seen a reduction in the number of people with coronavirus needing intensive care.

“Overall, we are seeing cases of coronavirus fall. Monday’s figures show there are around 115 cases of coronavirus per 100,000 people in Wales.

“But this varies widely across Wales.

In Wrexham, rates are above 220 cases per 100,000 people, although this is falling. In Ceredigion, the rate has risen over the last seven days to 56 cases per 100,000 people. “The positivity rate – this is the percentage of tests, which return a positive result every day – is also falling. It now stands at just below 10%.

“This is still high, but it’s a lot lower than the very high rates we were seeing before Christmas, when we had overall rates of more than 650 cases of coronavirus per 100,000 people and a positivity rate of more than 25%.”

BAM communities hesitant to get vaccines

Concerns have been growing in recent weeks about an apparent hesitancy from some people in black, Asian, and minority ethnic (BAME) communities to have the Covid-19 vaccine. Which is why Mr Gething also told the briefing that work was being done to counter some of the misinformation about the vaccine, which is common among some groups and communities.

He said that Welsh Government was closely monitoring vaccine uptake to make sure there are no barriers to take-up.

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